DRC Suspends Cobalt Exports to Stabilize Market

The Democratic Republic of Congo, the world’s number one cobalt producer, has banned all exportation of the metal for a minimum of four months.

According to the country’s Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS), the move is intended to regulate the cobalt market. Currently, there is an oversupply of the metal, leading to a sharp decline in prices. The export curtailment affects cobalt from all mining sources, including artisanal operations.

To ensure the ban is enforced, ARECOMS issued a decree jointly signed by its president, Patrick Luabeya, and Congo’s Mines Minister, Kizito Pakabomba. The ban will be effective from February 22.

Source: Reuters